00:00There is going to be a big change in the banks' holidays and there have been such demands for a long time.
00:08So what is going to change? Let's find out in this video.
00:11The bank employees have been asking for a 5-day working week for a long time.
00:16If the government gives a green light, this demand can be fulfilled by the end of this year.
00:21There has been a compromise between the Indian Bank Association, i.e. the IBA and the Employee Union on this issue.
00:27And now only the approval of the government is waiting, which is expected by December 2024.
00:32And if this approval is obtained, the bank employees will work only for 5 days a week and will be off on Saturdays and Sundays.
00:40A memorandum of understanding has already been signed between the IBA and the Bank Union on this decision.
00:48In this compromise in December 2023, both the government and the private banks were included.
00:53After that, on March 8, 2024, a joint note has also been signed between the IBA and the All India Bank Officers Confederation,
01:01in which a 5-day working and weekend holiday schedule has been set.
01:05However, this change depends on the approval of the government.
01:09So this proposal will also go for discussion with the RBI, because the RBI controls the banking hours and the internal affairs of the banks.
01:16The government has not yet set any time limit for approval of this proposal.
01:21But it is expected that it can be notified by the end of the year.
01:26Now, if the government approves the 5-day working, then 40 minutes can be increased in the hours of daily work of the banks.
01:34This will keep the bank branch open from 9.45 am to 5.30 pm.
01:39Now the banks are only closed on the second and fourth day.
01:42That is, the new time to open the bank can be 9.45 pm and the time to close the bank can be 5.30 pm.
01:50Some bank officials also believe that they are expected to receive a notification from the government on this proposal by the end of 2024 or by the beginning of 2025.
01:59And once the government approves it, it will be considered as a holiday under the Negotiable Instrument Act on Saturday.
02:07This means that both Saturday and Sunday will be closed every week.
02:11Bank Unions have been asking for a holiday every Saturday and Sunday since 2015.
02:16Under the Negotiable Instrument Act of 2015, the RBI and the government agreed with the IBA to consider the 2nd and 4th Saturday as a holiday.
02:25Now, if this proposal is approved, then the bank employees will work only 5 days a week and will be on holiday on the weekend.
02:32That is, the work that you think can be done on Saturday, because only on the second and fourth Saturdays are holidays.
02:42On the first and third Saturdays, the banks are working.
02:45So you will also have to plan your work accordingly.
02:48Banks can be on holiday on weekends and the government can also approve it very soon.
02:53That's all in the video.
02:54What do you have to say?
02:55Do let us know by commenting.
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